Primary read
Bullish
Call-side pressure
Ticker Options Intelligence
TRVI options intelligence
Trevi Therapeutics Inc options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
51
Market data through 31 Jul 2026
Checked 1 Aug 2026 19:31 · complete available chain
Call-side pressure
Bullish pressure
TRVI currently carries bullish options pressure with a 51/100 conviction score. The nearest-chain expected move is 9.0%, with volume/open-interest participation at 0.00.
Expected move
9.0%
Wider near-term move priced
Activity / OI
0.00
Current volume is quieter versus prior open interest
Put-call
0.00
Call-side skew
Trend fit
8
Options are not fully confirming trend
Weekly backdrop
+4.1%
RS 38.3
Expected move
9.0%
Put-call volume
-
Volume / OI
0.00
Reference IV
0.38
Max pain
15.00
Underlying
18.25
Nearest expiry
21 Aug 2026
Contracts
288
Research Brief
TRVI has a bullish chain read with 51/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 16.60–19.90; The largest call open-interest concentration is 15.00; the largest put concentration is 16.00. The most active strike by current volume is 17.00.
Priced range16.60–19.90
Call concentration15.00
Put concentration16.00
Max pain reference15.00
- Price holds or improves while call-side concentration remains elevated.
- Price weakens while call pressure fades or reverses toward puts.
- Options and the weekly trend are not yet giving the same message.
Priced Move
Where the chain says movement becomes exceptional
Options imply 16.60 to 19.90. Max pain at 15.00 lies outside the priced range, so it is a weak near-term anchor.
Spot
Max pain
16.6018.25 ± 1.6519.90
Confirmation level
A close beyond 19.90 or below 16.60 at the 21 Aug expiry would exceed the move currently priced by this chain.
Important limitation
The range is a pricing reference, not a forecast; volatility can reprice sharply after news or as expiry approaches.
Score Construction
Why conviction is 51/100
Pressure is 100/100 toward calls; conviction uses its strength, while the signal label carries its direction.
Directional pressure100 × 42%
+42.0
How strongly activity leans toward calls or puts.
Participation3 × 22%
+0.6
Volume relative to existing open interest and contract-level activity.
Trend agreement8 × 26%
+2.0
How closely the chain read agrees with the underlying trend backdrop.
Volatility63 × 10%
+6.3
The intensity of implied volatility and the priced move.
Positioning by Strike
Where open interest and current activity concentrate
The largest call open-interest concentration is 15.00; the largest put concentration is 16.00. The most active strike by current volume is 17.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
0
7.00-61.6%
0
0
8.00-56.2%
0
0
9.00-50.7%
0
0
10.00-45.2%
0
0
11.00-39.7%
0
0
12.00-34.2%
0
0
13.00-28.8%
0
7
15.00-17.8%
4103
240
16.00-12.3%
3
200
17.00-6.8%
3022
44
18.00-1.4%
27
26
19.004.1%
27
25
20.009.6%
1167
0
21.0015.1%
473
0
22.0020.5%
4
0
23.0026.0%
114
0
25.0037.0%
1
Nearest spot strike Max pain strikeBars show relative OI within this expiry
Volatility Curve
Back-loaded volatility
Longer-dated options carry more implied volatility than the front expiry, so risk is priced farther out.
0.38
21 Aug
21d
0.37
18 Sep
49d
0.54
16 Oct
77d
0.48
15 Jan
168d
0.58
21 Jan
539d
Volatility by Strike
Upside optionality premium
Out-of-the-money calls carry higher implied volatility than comparable puts, indicating richer upside optionality.
15
16
17
18
19
20
21
Put IV Call IV
Historical Replay
How matured reads behaved through expiry
Forward validation is building. The earliest eligible stored read expires 21 Aug 2026; its result will appear after the matched closing reference is stored.
Directional follow-through-
Moves contained by pricing-
Average expiry move-
Validation readiness
- Versioned calculationv2 observations only
- Independent entryone read per market session
- Point-in-time referencerequired at entry
- Matched expiry closereported only after maturity
Only v2 snapshots with a point-in-time market reference are eligible. Each observation uses one read per market session and the first weekly close on or immediately after expiry. It is an evidence audit, not an executable strategy or evidence of future performance.
Evidence Quality
High
Retained chain100%
Implied volatility100%
Two-sided quotes100%
Open interest100%
- Chain status
- Complete available chain
- Market date
- 31 Jul 2026
- Calculation
- v2.0
- Contracts
- 288 / 288
- No material coverage gap was detected in the retained chain.
Aggregate chain data supports concentration, participation and pricing analysis. It does not identify trade aggressor, opening versus closing activity, multi-leg intent or dealer inventory.
Options Intent Radar
Earnings/event positioning
Options activity is concentrated around a live event window, so the cleanest read is event positioning rather than pure direction.
Options pressure and weekly price action are pointing in the same constructive direction.
Earnings/event positioning matters because it connects the options headline to the actual evidence: $6585 of estimated gross traded notional, calls · 46-90 days · itm, and a bullish flow confirms price backdrop. Use it as a research priority signal, then validate the chart, liquidity, event calendar, and risk before acting.
Options pressure+100
1W price+4.1%
Call premium100%
Put premium0%
Notional split
C 100% / P 0%
Estimated gross traded notional uses volume × contract multiplier × midpoint, or last price when no valid midpoint is available.
Freshness
0.00
Volume divided by open interest across the visible chain.
Trend fit
8/100
Agreement between options pressure and Sharemaestro market context.
Event window
6 Aug
Matched earnings event is 4 days away.
Aggregate chain data does not identify trade aggressor or opening versus closing activity; call/put concentration is not proof of market direction.
Calls · 46-90 days · ITM
calls cluster with 10 contracts traded, $5650 estimated gross traded notional, and 86% of visible notional.
$5650
Calls · 8-21 days · ITM
calls cluster with 3 contracts traded, $735 estimated gross traded notional, and 11% of visible notional.
$735
Calls · 46-90 days · ATM
calls cluster with 1 contracts traded, $200 estimated gross traded notional, and 3% of visible notional.
$200
Setup Classification
Opportunity and risk frame
The tape is pricing or displaying unusually elevated activity.
Expected move or upcoming earnings makes the setup more event-sensitive.
Options positioning is not confirming the underlying trend context.
Call pressure is building while the stock sits above Sharemaestro fair value.
Activity Anomaly
Warming up
3 of 10 completed market sessions are available. More session history is needed before activity can be compared with a reliable normal.
Baseline: 3 completed sessions
Volume rank-
Volume/OI rank-
IV rank-
Market Context
Underlying confirmation
Close18.25
1W+4.1%
RS38.3
Fair value+185.0%
Options pressure100
Speculation3
Volatility63
Trend fit8
Today Versus Normal
Stored-options context
30d avg - · 3/10 sessions
-
90d avg - · 3/30 sessions
-
180d avg - · 3/60 sessions
-
30d avg - · 3/10 sessions
-
90d avg - · 3/30 sessions
-
180d avg - · 3/60 sessions
-
30d avg - · 2/10 sessions
-
90d avg - · 2/30 sessions
-
180d avg - · 2/60 sessions
-
30d avg - · 3/10 sessions
-
90d avg - · 3/30 sessions
-
180d avg - · 3/60 sessions
-
Pressure Trail
Recent pressure and volatility
29 Jul 11:01
Bearish
Pressure -42
Move 9.0%
30 Jul 07:50
Bullish
Pressure 100
Move 12.1%
31 Jul 04:37
Mixed
Pressure 11
Move 4.0%
31 Jul 19:07
Volatility
Pressure 68
Move 17.4%
31 Jul 22:42
Volatility
Pressure 68
Move 17.4%
1 Aug 18:31
Bullish
Pressure 100
Move 9.0%
Strike Map
Where activity is clustering
Strike7.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike8.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike9.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike10.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike11.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike12.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike13.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike14.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Term Structure
Expiration activity
Expiry21 Aug 2026
Contracts64
Avg IV0.38
Put-call-
Expiry18 Sep 2026
Contracts58
Avg IV0.37
Put-call-
Expiry16 Oct 2026
Contracts74
Avg IV0.54
Put-call-
Expiry15 Jan 2027
Contracts66
Avg IV0.48
Put-call-
Expiry21 Jan 2028
Contracts26
Avg IV0.58
Put-call-
Skew
Call/put IV balance
21 Aug 2026Call IV premium
Call IV1.00
Put IV0.05
Skew-0.95
18 Sep 2026Put IV premium
Call IV0.06
Put IV0.51
Skew0.45
16 Oct 2026Balanced skew
Call IV0.53
Put IV0.55
Skew0.02
15 Jan 2027Call IV premium
Call IV0.66
Put IV0.55
Skew-0.11
21 Jan 2028Balanced skew
Call IV0.55
Put IV0.58
Skew0.03
Contract Tape
Most active contracts
ContractTRVI261016C00013000
SideCall
Expiry16 Oct 2026
Strike13.00
Volume10
OI34
IV0.67
ContractTRVI260821C00017000
SideCall
Expiry21 Aug 2026
Strike17.00
Volume3
OI3022
IV1.03
ContractTRVI261016C00018000
SideCall
Expiry16 Oct 2026
Strike18.00
Volume1
OI3
IV0.54
ContractTRVI260821C00015000
SideCall
Expiry21 Aug 2026
Strike15.00
Volume-
OI4103
IV0.87
ContractTRVI270115C00015000
SideCall
Expiry15 Jan 2027
Strike15.00
Volume-
OI2951
IV0.49
ContractTRVI260821C00020000
SideCall
Expiry21 Aug 2026
Strike20.00
Volume-
OI1167
IV1.00
ContractTRVI270115C00007000
SideCall
Expiry15 Jan 2027
Strike7.00
Volume-
OI1012
IV0.87
ContractTRVI261016P00015000
SidePut
Expiry16 Oct 2026
Strike15.00
Volume-
OI522
IV0.58
Research Graph
Related research and context
Sharemaestro research
Related News
No recent ticker-specific news yet.
Market Watch
No recent market-watch posts yet.
Earnings
Plain English Guide
Options context
What usually looks constructive
What usually looks cautious
Options can move quickly and can lose value fast. Treat this as research context, not a buy or sell instruction.